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MoneyWhence It Came, Where It Went$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171661

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171661.001.0001

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(p.348) Chapter 21 Afterword

John Kenneth Galbraith

James K. Galbraith

Princeton University Press

This chapter argues that the history of money could be better. It suggests that the problem of money is now linked to that of the economy, even with that of the polity, and explains how monetary policy has become but a minor part of the whole economic policy, how economic policy has become an aspect of politics, and how supply and demand in the modern economy are now brought into equilibrium only after significant movements in prices and in income. It also discusses six imperatives that will shape or control monetary policy and the larger economic policy of which it is now a lesser part. Finally, it considers the prospect that policy in the future will be based not on economic forecasting but on the current reality, and insists that inflation and recessions do not last forever.

Keywords:   money, economy, monetary policy, economic policy, politics, prices, income, inflation, recessions

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